The bureau, which is speeding things up to make sure the case is decided by June, says the Fifth Circuit decision contradicts the Constitution, historical practice, and case law.
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LoanCare agrees to pay $4.5 million to settle a class-action suit centered on whether “convenience” fees for paying by phone or online are allowed in West Virginia. Meanwhile, the bureau is making servicers refund fees for paying by phone.
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Wells Fargo and the CFPB are reportedly negotiating over violations in several lines of business at the megabank. Separately, Sen. Elizabeth Warren (D-MA) is continuing her effort to draw attention to fraudulent instant payments.
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Some of the traits of companies that score well in examiners’ reviews of compliance management systems: top executives that are actively involved in compliance, dynamic policies and procedures, and quick, thorough investigations into consumer gripes.
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The bureau alleged that the servicer misled consumers about CARES Act forbearance and misreported information to credit agencies. Carrington says the bureau is not living up to its promise to be “flexible” with servicers who meant well.
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The CFPB said romance and confidence schemes factor frequently in consumer complaints related to crypto assets. Hacks and platform and service failures are another major problem.
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